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University of Southern California 403(b) Settlement
Munro v. University of Southern California, No. 2:16-06191
United States District Court for the Central District of California
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University of Southern California 403(b) Settlement Home Page
The Court has approved the settlement (the “Settlement”) of a class action lawsuit brought by certain participants in the Plans against the University of Southern California and the USC Retirement Plan Oversight Committee (“Defendants”), alleging violations of the Employee Retirement Income Security Act (“ERISA”) as being fair, reasonable, and adequate. A copy of the Order approving the settlement is available here.
The Settlement provides for the allocation of monies directly into the individual accounts of members of the Settlement Class who had Plan accounts recordkept by TIAA-CREF, Prudential Insurance Company of America, Fidelity Investments, or the Vanguard Group during the Class Period with a balance greater than $0 as of December 31, 2022 (“Current Participants”). Class Members who are entitled to a distribution but who no longer had a Plan account with a balance greater than $0 as of December 31, 2022 (“Former Participants”) will receive their allocation in the form of a check mailed to their last known address or a rollover, if elected.
The terms and conditions of the Settlement are set forth in the Settlement Agreement dated February 23, 2023. Capitalized terms used in this Settlement Notice but not defined in this Settlement Notice have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement is available here.
| YOUR LEGAL RIGHTS AND OPTIONS UNDER THE SETTLEMENT | |
|---|---|
| IF YOU ARE A CURRENT PARTICIPANT. YOU DO NOT NEED TO DO ANYTHING TO PARTICIPATE IN THE SETTLEMENT. | If you are a Current Participant, you do not need to do anything to receive your share of the Settlement. |
| IF YOU ARE A FORMER PARTICIPANT. TO RECEIVE YOUR SHARE OF THE NET SETTLEMENT AMOUNT, YOU MUST RETURN THE ENCLOSED FORMER PARTICIPANT CLAIM FORM BY AUGUST 4, 2023. | If you are a Former Participant, to receive your share of the Net Settlement Amount, you must return a Former Participant Claim Form that is postmarked by August 4, 2023, or completed online and filed electronically here, in order to receive a check or rollover for your share of the Net Settlement Amount. If you are a Former Participant, and you do not return the Former Participant Claim Form that is postmarked by August 4, 2023, or submitted electronically by August 4, 2023, you will forfeit your share of the Net Settlement Amount. |
| YOU CAN OBJECT (NO LATER THAN JULY 31, 2023) |
If you wish to object to any part of the Settlement, you may (as discussed below) write to the Court and counsel about why you object to the Settlement. The Court has authorized the parties to seek discovery, including the production of documents and appearance at a deposition, from any person who files an objection. |
| YOU CAN ATTEND A HEARING ON AUGUST 14, 2023 | If you submit a written objection to the Settlement to the Court and counsel before the deadline, you may attend the hearing about the Settlement and present your objections to the Court. You may attend the hearing even if you do not file a written objection, but you will not be permitted to address the Court at the hearing if you do not notify the Court and counsel of your intention to appear at the hearing by July 31, 2023. |